A longtime investor in Merritt Properties has infused another $400 million into the Baltimore-based real estate company.
The investment from Almanac Realty Investors, a New York-based real estate investment firm, was announced Monday. It will allow Merritt Properties to expand its portfolio 20 to 30 percent with acquisitions as well as development and redevelopment of properties mostly in the Baltimore-Washington corridor.
Merritt will focus mostly on industrial space with the new investment though its 16 million square foot portfolio of owned and managed properties also includes central business district and suburban office space.
Almanac, formerly Rothschild Realty, first invested $75 million in Merritt in 1997 in an eight-year partnership. Almanac has more than $4.8 billion committed to 39 companies.
“Twenty years later, we are continuing that initial partnership with the same individuals and same company — that’s a rarity...,” said Robb Merritt, president of Merritt Companies, in a statement. “Expanding our relationship with Almanac through this deal will fuel continued growth for our company.”